<p>Hello, it seems that I've gotten $53,150 from Villanova (strictly FA). This includes loans and work-study. So, does that mean all the dining and housing and personal expenses are covered since $53,150 is the estimated cost of attendance? How does that work? When I register for housing and dining, do they automatically cover it or am I paying it? I am a bit confused. Any help or suggestions will be appreciated...Thanks!</p>
<p>Well, if there are loans, then you will be paying it. I’m not sure what you mean by “they automatically cover it”.</p>
<p>I think you really have two separate questions here:
- You need to understand the individual line items of your FA statement, and then
- You need to understand how loans and grants are credited to your student account, once you have accepted everything and applied for the loans. And how you will pay for any balance not covered by those credits.</p>
<p>Can you ask more specific questions?</p>
<p>Sorry for the confusing questions. But I think my question is geared more towards number 2 and how my financial package translates into my student account…? any help</p>
<p>As my son will be a freshman at Villanova this coming fall, I am basing this explanation on the way billing happens at my older son’s school.</p>
<p>Sometime prior to school start (likely July), you will receive an itemized bill for the fall 2010 semester. You will see one semester of tuition, room charges, meal plan charges, some full-year fees and also semester fees. The specific amount will be based on which dorm and meal plan you’ve chosen and whether your major has additional fees.</p>
<p>If you have a Villanova Grant in your award, this amount will be shown as a credit to the account/bill.</p>
<p>If you have accepted any of the Stafford or Perkins loans shown in your award, once you have applied for the loan(s) and been approved, those amounts will be shown on the bill as a “tentative” credit. The actual disbursement can be made anytime prior to school start or sometimes as late as 5-6 weeks after school starts, depending on the lender (don’t know what happens this year, once all loans are direct from the govt).</p>
<p>If the combination of grants and loans exceeds the total of billed charges then you will be able to withdraw any excess funds, up to the Cost of Attendance. This money can be used for travel, books, personal expenses.</p>
<p>If you have been awarded Work Study, you will need to decide on a job (usually through a campus placement office) where hourly pay (and hours per week) can vary. You may receive payment to your student account, perhaps bi-weekly or monthly and this money will also be available to you for personal expenses, if you have satisfied all billed charges.</p>
<p>Some advice: confirm that your award does not include a line item for VU Financing Option. This is a payment plan and not really a loan, so this amount will be paid by you each semester in addition to the above loans.</p>